4.5 • 888 Ratings
🗓️ 19 May 2019
⏱️ 14 minutes
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Karen discusses the investing prowess of musician Kenny G and how investing (mostly in Starbucks) is responsible for the bulk of his fortune, not his music. And as promised, Karen takes a question from Twitter and responds.
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0:00.0 | This is Karen Hunter and welcome to the hub. In this pursuit of being healthy, wealthy, and wise, I'm going to focus today on wealth. |
0:17.0 | So I was reading a blog about Kenny G. |
0:20.0 | Actually, it was about money and dividends and stocks. |
0:23.2 | But the writer was talking about Kenny G, |
0:26.0 | the jazz saxophonist, the guy with the curly long hair, |
0:29.8 | you know, with the jazz, he'd play the saxophone to the side, |
0:32.4 | and I think it's like a soprano |
0:34.0 | sacks well did you know that Kenny G is a very wealthy man now you probably say of |
0:41.2 | course he's a wealthy man Karen he sold 75 million records worldwide of course he's wealthy no no no |
0:47.3 | His wealth comes from the stock market in particular one stock, Starbucks. |
0:53.6 | So the story goes, Kenny G's uncle knew Howard Schultz. |
0:57.4 | They were friends. |
0:58.8 | And Howard Schultz at the time had these coffee shops |
1:01.9 | in Seattle, everyone was raving about and his uncle |
1:05.2 | was one of the first investors in what we now know is Starbucks. |
1:09.7 | So he told his nephew Kenny G. about how it, he introduced him to him and in a |
1:14.4 | CMBC interview Kenny G talks about meeting Howard Schultz and how impressed he |
1:19.6 | was. He was like the guy that was passionate and he really believed in the vision that he had. |
1:25.0 | And so Kenny G decided to buy stock in this new burgeoning company called Starbucks. |
1:30.0 | This was back in 1988. |
1:32.0 | Now, if Kenny G put $10,000 into Starbucks in 1998, |
1:37.0 | and I imagine he put more than $10,000 into Starbucks in 1998, |
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